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Ripple CBDC Innovate Challenge: Overview and Purpose

The Crypto Basic

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Ripple partners with top fintech experts for its latest CBDC Innovate Challenge.
Read more on: https://thecryptobasic.com/2023/06/29/digital-euro-association-announces-ripple-cbdc-innovate-challenge/

Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.

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"Bitcoin’s Triangle Breakout Signals a Massive Surge as ETF Inflows Fuel a $90K Rally!"

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#Solana is in freefall with a potential crash below $100 as network activity declines. Could this lead to the SOL price testing of $60? Amid the broader market uncertainty, Solana’s price trend has maintained its downward trajectory. With an intraday pullback of 3.07%, Solana is currently trading at $124. Additionally, declining conditions on the Solana network raise concerns about a more severe correction in SOL prices. Will this cause the price to break the $100 psychological mark? Declining Solana Prices Warn $100 Breakdown On the daily chart, SOL’s price trend is under strong bearish pressure. Since its all-time high of $295, Solana has experienced a nearly 60% drop. The pullback phase has now extended over 60 days, and the bearish trend suggests a high likelihood of SOL crashing below the $100 psychological level. A recovery attempt last week from a swing low of $112 saw the price peak at $137 on Sunday. However, this week has brought a fresh wave of bearish momentum. As a result, SOL is likely to create another lower low and test the S1 pivot support level at $104.30. With the bearish trend gaining momentum, the $100 psychological support level is at risk of breaking down. In this scenario, the S2 pivot support level at $60 becomes the primary bearish target, indicating a downside potential of nearly 50%. Nevertheless, a bullish divergence in the MACD and the positive crossover between the MACD and signal lines offers a glimmer of hope. This could suggest a potential recovery if the broader market stabilizes. If that happens, the center pivot level at $169.20 may serve as the next immediate price target. #CryptoNews🚀🔥V

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Charles Hoskinson, the #Cardano founder, has branded claims that he runs the ecosystem a “latency of fabrication.” In a tweet today, the industry leader rebuffed speculations that he runs the Cardano ecosystem. He described the perspective as misinformation and stated that correcting fabricated claims like it typically takes years and millions of dollars. According to him, such comments would continue to pop up in the crypto community even in the next five years, branding it a “latency of fabrication.” Cardano Founder Suggests It Would Take Time For context, Hoskinson’s recent comment came as a response to a post that associated Cardano with centralization. A user claimed in a Tuesday tweet that three entities-the Cardano Foundation, the Input Output Global (IOG), and the EMURGO—run the blockchain. The user insisted that this alleged centralized feature of the Cardano ecosystem makes the chain second fiddle to the Bitcoin network. However, this centralization claims have sprung up at an inopportune time, considering the months-long network development in the ADA blockchain. For perspective, the major firms in the ecosystem burnt their genesis keys ahead of the Chang upgrade, relinquishing their control mechanism to every ADA holder. The September 1 hard fork introduced complete decentralization to the Cardano network, giving power to holders of ADA, the native token of the blockchain. This bred the creation of the constitutional committee (CC) and the decentralized representatives (DReps), both efforts at bolstering decentralized governance. Meanwhile, while this government is fully in its stride, Hoskinson suggested it would take a few more years and massive publicity for some market users to grasp this transition. He insinuated there would always be a knowledge lag before a broader acceptance and adoption. #CryptoNewsFlash

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#Ethereum founder Vitalik Buterin briefly left some unfortunate token holders nursing substantial losses. On Tuesday, March 18, Vitalik triggered a 46% flash crash in the price of Dohrnii (DHN) from $38.505 to as low as $20.699 by selling 5,000 tokens for $124,000. Market watcher Spot On Chain called attention to this development in a post on X today. Notably, DHN is a token that powers the Dohrnii ecosystem, a crypto education platform powered by the Ethereum network. Dohrnii Labs had sent Vitalik 10,000 DHN for free on January 29. This is a common practice for Ethereum-based projects, typically meme coins, seeking to drive attention to their project using the clout of the influential blockchain developer. Following Vitalik’s Tuesday sale, he still holds another 5,000 DHN, currently worth nearly $190,000, per Etherscan data. Meanwhile, Dohrnii Labs has offered to facilitate the sale of these remaining holdings over the counter to minimize future market impact. Another Donation? Over the years, the Ethereum founder has warned projects against sending tokens to him, urging them to donate directly to charity instead. He notes that all tokens sent to him eventually get sent to charity. For example, in August 2024, Vitalik donated $530,000 to the Effective Altruism Funds’ Welfare Fund from a mix of animal-themed meme coins he had received for free. In the most recent reiteration of his position that projects should send tokens to charity directly instead of him, the Ethereum founder even urged projects to establish decentralized autonomous organizations to involve the community in the process. However, as highlighted by Dohrnii Labs’ decision to send Vitalik tokens in January, several projects continue to turn a deaf ear. Etherscan data shows that vitalik.eth, the Ethereum founder’s most popular wallet address, holds over 401 tokens. #CryptoNewsCommunity

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Recent insights from on-chain analytical firm Glassnode has identified how early #shiba⚡ Inu whales’ activities show why SHIB is trading sideways. Shiba Inu had a strong start to the week, spurred by a broader market rebound. The meme coin surged to an intraday high of $0.00001360 on Monday but relinquished all its gains to close further lower at $0.00001295. The retracement saw it close with a shooting star candlestick, a bearish indicator of further price rejections, and a possible dump to lower prices. Moreover, SHIB has followed the sideways trend, correcting over 2% already since the start of today. Notably, the recent correction adds to Shiba Inu’s general price underperformance. The doggy-themed light-hearted meme coin has declined over 62% from its December highs of $0.00003343. Shiba Inu’s Price Correlation with Early Whale Activities Interestingly, Glassnode confirmed in a recent report that the price of the community-driven crypto asset has shown a strong correlation with activities from early holders. The analysis highlights the price behavior when these whales either accumulate or dump their stash. Particularly, the report shows how Shiba Inu early whales bought 20% of the asset’s supply prior to the November 2021 price peak and how their activities confirmed the cycle’s top. Per the analysis, whales bought over 117 trillion SHIB around July 2021. Glassnode traced these accumulations with three market indicators: the Herfindahl Index, the Net Unrealized Profit/Loss (NUPL), and the Cost Basis Distribution. The Herfindahl Index measures market concentration and distribution among early large and small wallets. A decline in the metrics indicates that early whales are selling, marking a sentiment shift among these unique holders. The unrealized profit and loss signal how much in profit or loss prompt buyers are. An early NUPL increase indicates most are in gains and precedes a sharp asset dump, significantly impacting prices. #CryptoNewss

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